We have no choice !

ejc81

jessie-jane wrote: »

vStatement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3
Number of children in household.........
Number of cars owned....................

Monthly Income Details
Monthly income after tax................ 430
Partners monthly income after tax....... 1280
Benefits................................ 80
Other income............................ 0
Total monthly income.................... 1790

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 600
Management charge (leasehold property).. 0
Council tax............................. 99
Electricity............................. 53
Gas..................................... 55
Oil..................................... 0
Water rates............................. 41.74
Telephone (land line)..................? 20
Mobile phone............................ 15
TV Licence.............................. 13.75
Satellite/Cable TV...................22...0
Internet Services....................? 13.5
Groceries etc. ......................... 440 REALLY?? I keep 5 kids on less than that...including 2 teenage boys!!
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 15
Car Insurance........................... 22.62
Car maintenance (including MOT)......... 10
Car parking............................. 5
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 15
Buildings insurance..................... 0
Contents insurance...................... 8.74
Life assurance ......................... 0
Other insurance......................... 9
Presents (birthday, christmas etc)...... 20
Haircuts............................20 10
Entertainment........................... 5
Holiday............................ 30 0
Emergency fund.......................... 20
Total monthly expenses.................. 1616.35


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 4000
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
littlewoods....................0.........10........0
next...........................0.........5.........0
rbs cc.........................0.........19........0
rbs overdraft..................0.........5.........0
rbs gold cc....................0.........7.........0
eos............................0.........1.........0
tesco cc.......................0.........10........0
mint...........................0.........6.........0
mbna...........................0.........1.........0
tsb............................0.........16........0
egg............................0.........6.........0
capital one....................0.........11........0
car loan.......................0.........8.........0
resolve........................0.........3.........0
Total unsecured debts..........0.........108.......-


Monthly Budget Summary
Total monthly income.................... 1,790
Expenses (including HP & secured debts). 1,616.35
Available for debt repayments........... 173.65
Monthly UNsecured debt repayments....... 108
Amount left after debt repayments....... 65.65

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 4,000

Created using the SOA calculator at www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Internet and phone/cable are way to expensive. You can get far cheaper packages or cut cable completely it is not needed. I think you could cut grocery bill as well. I don't spend £20 a month on haircuts for 3 people so think that could shrink. There is extra money there if you look closely at your spending.

It really depends on what you are trying to acheive? If you are asking if the above means you'll qualify for BR fees from a charity then I have no idea. If you want to save the fees then I think you have money that could be saved from above.

Do you know the actual balances for all of the above? Have they all been defaulted? Is the interest frozen on them? If you don't want to go BR yourself then you need to seperate which are in your name and which are the OH's.:)

jessie-jane

We were wondering about saving the token payment money but dont want to get into any more bother.
What happens if we cant get any help from the charities to go BR and if we can how long does it all take, sorry for all the questions , heads spinning with that many at the min. thanks

fermi

Cutting back to save for the BR fees is one thing, but once BR you would have to balance on a sustainable budget as you would not be able to resort to credit etc to smooth over bumps.

Now this link is NOT a guide to what you are allowed.,

IPA calculator Post 01 December 2010

The figures it fills in are average UK spending figures, NOT allowances. So you don't take it as that, but it does give an idea of the sorts of figures that the OR will expect most households to be around. Not that there is an upper or lower limit if you genuinely cannot cope on less. You may just be asked to justify.

For example UK average for 2 adults and one child for groceries etc is £463 pcm. A lot here would think that very high, but an extreme moneysaving budget is not the same as one based on "reasonable domestic needs" under the OR's definition. By that mean the OR won't think it OK to eat caviare every day, but neither would they expect you to survive on value mince and rice every day. It is a balance.

fermi

jessie-jane wrote: »

We were wondering about saving the token payment money but dont want to get into any more bother.
What happens if we cant get any help from the charities to go BR and if we can how long does it all take, sorry for all the questions , heads spinning with that many at the min. thanks

Well, you need to talk again to CAB and somewhere like National Debtline.

As for trouble? If your best option is BR/DRO etc, and you no longer own your own home then there is little any creditors can do apart from make a noise. Even court action would be pointless for them.

It is scary, but once you realise how little they can do and how much is bluff and empty threats, things do get better.

patman99

Jessie-jane I agree with ejc81 with regards to phone/internet. If you go through 'Topcashback' you can sign up to Sky unlimited bb & anytime phone for less than £30 p/m. You get 6 months free BB & by using TCB, you get £50.50 back.
Based on the fact that you will save £60 in 6 months thanks to the free BB part of the offer, this gives you a total of £110.50 towards either your br fee, or towards one debt.

jessie-jane

We are on apackage with sky at the until May which is for the landline, broadband and tv, when this finishes we have already decided to go with free view and shop around for the best deals on broadband and phone.
Shopping includes all cleaning products,toileteries dog food and any alchol, we have a very fussy eater but like i dais he will be going to uni soon and fending for himself so our shopping bill will go down considerably, hopefully !

jessie-jane

Thanks Fermi for that info, everything is very scary at the moment for some reason just feeling abit overwhelmed by it all.

ejc81

jessie-jane wrote: »

Shopping includes all cleaning products,toileteries dog food and any alchol, we have a very fussy eater but like i dais he will be going to uni soon and fending for himself so our shopping bill will go down considerably, hopefully !

Like I said above I feed a family of 7!!! on what you're spending above, I buy absolutely no own brand 'value' products, and my main shop is done at Tesco. The reality of the situation is that you NEED to reduce your spending because you cannot maintain it. BR or not, you have to learn to live within your means.....since when does alcohol figure in the grocery shop when you owe over 46K?
How can you afford a holiday when you can't service your debt?
I'm not being judgemental, I'm mearly stating the obvious! You CAN'T afford a holiday or alcohol! Sorry but it really sounds like you're trying to justify getting a charity to fork out your BR fees when in reality you could sort this out yourself if you learned to budget!

alastairq

since when does alcohol figure in the grocery shop when you owe over 46K?
How can you afford a holiday when you can't service your debt?

Possibly since we may be talking about a very cheap bottle of red?

Which is a darned sight cheaper than, for example, fruit juice?

Re-the holiday?

Well, I get the feeling the SOA somewhat reflect items that are allowed by the IS in a bankruptcy.


And...setting aside a 'sum' for holidays is one of those items allowed!

[recognition that the BR individual may well have a family to consider...and holidays are thought-of as basic family essentials. I'm not suggesting a P&O cruise..although a week in Malaga can be cheaper than a weekend in Margate.....?]

As Fermi says, once BR there are no safety nets.....

however, part of the purpose of the SOA is to identify if a surplus is available for the BR estate....it is therefore reasonable that the BR individual takes some advantage of categories of expenditure allowed.

[I have commented before, haircuts are allowed for....the OR doesn't, however, check to see if the BR has hair in the first place.]


What is important to note is, the OR doesn't actually check or expect the BR to spend in every category...how the BR individual distributed their allowances are entirely up to them.


When comparing what we do, with what others do, there is a good chance things get misleading.

For example, when considering the running costs of a car [exempted as an asset].....given my knowledge, experience, and 'profession' I know I spend but a fraction of the amounts I see quoted in SOA's on here.

But not everybody has the know-how, or even the ability, to conduct all their own servicing and repairs, major& minor....which is what I do.....[if I can be bothered]...

jessie-jane

Thanks for the support and advice ejc81 ,i feel much better now you have pointed out the obvious to me .
The holiday is in £ 10.00 per night on our own caravan and as for the alcholo i really dont think 1 bottle of wine and 6 beers is going overboard, for 2 adults who dont smoke., like i say thanks for the support.

We do not want a charity to pay for our BR ! If we can do it ourselves obviosly we will as its our own mess and our own situation to get out of.